AltaCanada Energy Corp. said as of July 1, 2002, its established reserve base of crude oil and natural gas (proven plus one-half probable), including its 74% share of Alberta Selecta, is 1,184,000 boe. Of that, natural gas accounted for 64% of the total, while oil and liquids comprised 36%. Of the established reserves, 82% were classified as proven. AltaCanada contracted Gilbert Laustsen Jung Associates Ltd. (GLJ) of Calgary to prepare the reserves report. The initial report came out on Jan. 1, 2002. The report covers all of AltaCanada’s assets, including that of Alberta Selecta Corp., AltaCanada’s recently purchased 74% owned subsidiary, net of the property disposition announced on Aug. 12. Of those reserves, the company said it has 5,380 MMcf of proved and probable natural gas reserves and 1,396 mboe of proved and probable oil and liquid reserves. AltaCanada added that it has total proved producing reserves of 2,452 MMcf of gas and 763 Mboe of oil and liquids. The company said the discounted net present value of its reserves were estimated using average prices during the last six months of 2002 of C$3.92/Mcf of gas and C$29.25/bbl, and escalated according to GLJ’s July 2002 price forecast. The reserve life of AltaCanada’s proved and established reserves is 7.4 years and 8.7 years respectively.

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